Paytm, Nykaa and Zomato are now a part of Nifty Next 50
- It is important to note that all these companies made their public debut less than eight months ago.
NIFTY Next 50is a benchmark Indian stock market index that represents the performance of the next 50 stocks that come after the 50 of the largest Indian companies listed on the NSE.
- Nykaa and Zomato made a stellar debut on the stock exchange, whereas Paytm listed on a discount of 30%.
AdvertisementNew age tech stocks Nykaa, Paytm and Zomato have now been included in Nifty Next 50 index after the latest reshuffle of the National Stock Exchange (NSE) index. It is important to note that all these companies made their public debut less than eight months ago.
What is Nifty Next 50?
The NIFTY Next 50 is a benchmark Indian stock market index that represents the performance of the next 50 stocks that come after the 50 of the largest Indian companies listed on the National Stock Exchange. The tech stocks have also been included in the NIFTY Total Market, the NIFTY LargeMidcap250, the NIFTY 200, the NIFTY 100 and NIFTY 500 index.
The NSE, on February 24, notified the changes in the eligibility criteria for the equity indices and the minimum listing history requirement has been reduced to one month. Earlier, the minimum requirement was three months.
It announced the replacement of the stocks as part of its periodic review done twice a year. The changes will come into effect from March 31, 2022.
Nykaa, Zomato and Paytm haven’t had a great 2022 so far
Nykaa and Zomato made a stellar debut on the stock exchange, whereas Paytm listed on a discount of 30%. Nykaa nearly doubled the investors’ capital on the day of the listing, while Zomato was listed at a premium of 53%.
The two stocks — Nykaa and Zomato — did not do well in 2022 so far, as they have been suffering at the hands of market correction ever since the start of this year.
Zomato’s shares have dipped 42% this year and were trading at ₹ 80.80 at 11:53 p.m., on February 25. Nykaa has witnessed a 36% decline year-to-date and its shares were trading at ₹1,330 at the same time on Friday. Both the shares are nearing their issue price.
Paytm, on the other hand, was trading at ₹797 at 11:58 p.m., on Friday. This is significantly lower than its issue price of ₹2,150.
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